What happens went they want your Mortgage money?

[The_Equalizer]

And will pursue you for ever more for any amount still outstanding. I can point to people older than me who suffered that in the late 90s

I did a bit of reading round these recently. Mortgage companies have 12 years to recover any such money. Most people who end up with unpayable sums end up in what is known as Individual Voluntary Arrangements (IVAs). IVAs are agreed repayments based on ability to pay and last 5 years. The amount paid over five years can vary over its course. Bankruptcy is the only other option which lasts about a year, but can take three.

[scooterscot]

Always used capital repayment mortgages. Interest only.. why not rent your home instead? Or better still, go to Vegas and gamble the mortgage, you're effectively doing the same thing betting on the housing market.

[NotAllThere]

And will pursue you for ever more for any amount still outstanding. I can point to people older than me who suffered that in the late 90s

Yeah - my sister for one. Worse than student loans...

[bobspud]

I did a bit of reading round these recently. Mortgage companies have 12 years to recover any such money. Most people who end up with unpayable sums end up in what is known as Individual Voluntary Arrangements (IVAs). IVAs are agreed repayments based on ability to pay and last 5 years. The amount paid over five years can vary over its course. Bankruptcy is the only other option which lasts about a year, but can take three.

I would have expected a bankruptcy to kill any outstanding debts including whatever the bank wants in addition to repossessing your house.

[AtW]

They can always buy a house in spain for £50K if they have to and live off the EU handouts.

Not in the event of Brexit!

[The_Equalizer]

I would have expected a bankruptcy to kill any outstanding debts including whatever the bank wants in addition to repossessing your house.

Even that can be a bit of a minefield. The house needs to be reposed before you file for bankruptcy thereby making the debt unsecured. Also, you need to avoid signing what I believe is known as a deed of acknowledgement (DOA), which basically is stating that you'll be liable for this unsecured debt after bankruptcy. That said, the DOA thing is a bit of a grey area.

[AtW]

For those not familiar with this, the State got worried a few years ago about all the money that was lent during the Great 2000-2008 Asset Bubble

They should be more worried about money lent during the Greatest 2009 - Asset Bubble

[AtW]

I would have expected a bankruptcy to kill any outstanding debts including whatever the bank wants in addition to repossessing your house.

Might be a tad hard to get even into rental property after that!

[bobspud]

Might be a tad hard to get even into rental property after that!

At which point its time to ask for a nice council house. Apparently getting yourself in this position puts you very high up on the list...

[Cirrus]

Didn't see that coming !

Halifax raises mortgage borrowing age limit to 80 | Money | The Guardian

Halifax just gone to age 80 - 'others will have to follow".

The Internet says I'm only going to live until 85, so I'm nearly covered and there's plenty of time left for our world-leading Financial Services sector to get around to add another uplift.